Almost all businesses see the value of personalisation, with many making it a top priority this year, according to research from Mastercard’s Dynamic Yield.
The survey of 196 businesses around the world found that 98% of organisations believe in the value of personalisation, with 64% of respondents positioning personalisation as a top business priority, and almost 75% having plans to invest further in the future.
Despite the general consensus around the importance of personalisation, 48% are yet to orchestrate a true programme of personalisation, or quantify its impact. And, while 30% have clear goals for personalisation, their testing pipeline and experiments aren’t always tied back to generated value.
“It’s no secret that personalisation technology has continued to shift consumer behaviour and modernise so many aspects of consumers’ daily lives. From social media and streaming entertainment feeds to online grocery services, banking, travel booking, shopping, and more – the expectation for tailored experiences is growing exponentially no matter the industry,” said Harry Hanson-Smith, RVP at Dynamic Yield, by Mastercard.
“And it’s not slowing down – innovations like live commerce and the metaverse will change the way consumers engage. Brands that properly fuel their programmes now to advance their maturity levels will reap the benefits later.”
In terms of resources, just 7% have an entire team dedicated to technical personalisation implementation and support. Meanwhile, 51% of those surveyed have small, dedicated teams for personalisation, while 42% have existing cross-team collaboration on an ad-hoc basis, and 33% have advanced cross-functional collaboration.
Although the staff resources may not be entirely in place for businesses, 93% believe they have clean and accurate data in place to fuel their strategy. And 17% of these brands are ingesting data from various locations to create a full picture of the consumer.
However, 51% of brands don’t currently think about audience strategy, or only occasionally apply audience strategy to test ideation. And only in under 2% of businesses are all teams aligned to execute against a singular audience strategy.
“This report not only highlights the progress personalisation as a discipline has made, but also outlines the focused investments companies must take to revolutionise consumer experience,” said Hanson-Smith.